金融的英语第二版刘文国课后翻译题答案详解

中译英：一.1.金融管理是商业管理的重要方面之一，没有合适的金融计划企业是不可能成功的。Financeisoneofthemostimportantaspectsofbusinessmanagement.Withoutproperfinancialplanninganewenterpriseisunlikelytobesuccessful..金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产。Financialintermediariesplaythebasicroleoftransformingfinancialassetsthatlessdesirableforalargepartofthepublicintootherfinancialassets-theirownliabilities-whicharemorewidelypreferredbythepublic..企业经营是有风险的，因而，财务经理必须对风险进行评估和管理。Businessesareinherentlyrisky,sothefinancialmanagerhastoidentifyrisksandmakesuretheyaremanagedproperly..投资决策首先是指投资机会，常常指资本投资项目。Theinvestmentdecisionstarswiththeidentificationofinvestmentopportunities,oftenreferredtoascapitalinvestmentprojects..现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和（或）是否有太多现金富裕。Cashbudgetsareoftenusedtoassesswhethertheentityhassufficientcashtofulf川regularoperationsand/orwhethertoomuchcashisbeingleftinunproductivecapacities..按照金融学的观点，资本就是企业购买商品以生产其它商品或提供服务的货币资金。Capital,inthefinancialsense,isthemoneythatgivesthebusinessthepowertobuygoodstobeusedintheproductionofothergoodsortheofferingofaservice.四.1.商业银行应积极开展电话银行转账功能风险评估和分类，依据收款账户的潜在风险高低，相应设置不同的转账额度和次数限制。Acommercialbankshallactivelyconducttheriskassessmentandclassificationofthetelephonebankingtransferfunctions,andsetdifferentlimitsonthetransferamountandtimesaccordingtothedegreeofpotentialrisksontherecipientaccount..商业银行相对其他行业属于信息化程度较高的行业，银行数据库里积累了海量的客户信息Commercialbankshavegainedmoreinformationandhavelargescaleofdata..商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素。ManagersinCommercialbankshavetoconsidermanyfactorsinanalyzingacustomer'sloanrequest..除中国银行外，交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构，便于你获得金融服务。BesidestheBankofChina,theCommunicationBank,AgriculturalBank,IndustrialandCommercialBank,ConstructionBankalsohavecreatedmanybranchesinacityortown,andthatmakeseasierforyoutogetfinancialservices..定期存款也叫CD是存款证书的一种类型。Acertificateofdeposit,alsocalledaCD,isatypeofsavingscertificate..商业银行作为一家金融机构，其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷，包括资金转账、支票兑现、银行保管箱等。Acommercialbankisanfinancialinstitutionestablishedto:acceptdepositsfromindividualsandbusinesses;originatecreditbyprovidingloansandofferingotherfinancialservicesessentialtotherunningofacustomer'sfinancialorbusinessaffairs,includingfundtransfers,checkcashing,safedepositboxes,etc.六.1.外汇交易市场，也称为"Forex"或"FX"市场，是世界上最大的金融市场，平均每天超过1兆美元的资金在当中周转--相当于美国所有证券市场交易总和的30倍。TheForeignExchangeMarket,calledby"Forex"marketorFXmarket,isthebiggestfinancialmarketintheworldwithtradingvolumessurpassingUSD1trillionaverageone-day,itisasbigas30timesofstockmarket.."外汇交易”是同时买入一对货币组合中的一种货币而卖出另外一种货币。外汇是以货币对形式交易，例如欧元/美元(EUR/USD或美元/日元(USD/JPY)。“Foreignexchangeistobuyonecurrencyandsellanotherincurrencypairatthesametime.Thetradingformofforeigncurrencyisthecurrencypair,forexampleEUR/USDORUSD/JPY..外汇交易市场是一个24小时全球交易市场，市场交易每天从悉尼开始，并且随着地球的转动，全球每个金融中心的营业日将依次开始，首先是东京，然后伦敦，和纽约。Foreignexchangemarketisworldwidemarketwhereoperating24hoursaday,themarkettradingstartsfromSydney,turningaroundtheearth,thebusinessdayofeveryfinancialcenterintheworldwillstartotradeinturn,thenisTokyo,nextisLondon,andNewYork..外汇交易投资者可以对无论是白天或者晚上发生的经济，社会和政治事件而导致的外汇波动而随时反应。InvestorsofFXmaymakedecisionsbaseonthefluctuationofforeigncurrencypriceleadedbyeconomics,societyandpoliticaleventsnomatterhappensindaytimeornight.外汇交易市场是一个超柜台(OTC)或“银行内部”交易市场，因为事实上外汇交易是交易双方通过电话或者一个电子交易网络而达成的，外汇交易不象股票和期货交易市场那样，不是集中在某一个交易所里进行的。TheforeignexchangemarketisOvertheCounter(OTC)orinterbankmarketbecauseforeigncurrencyistradedthroughphoneorelectronictradingnetinfact,thetradingofforeigncurrencydoesnotlikestocktrade,itisnotintensivetradinginexchangecenter.在外汇交易中，您会看到一个两边的报价，由买价与卖价组成，买价是在此价格上您拟卖掉基础货币(同时买进相反货币)。卖价是这个价格，在此价格上您可以买进基准货币时卖掉相反货币。Youwillseethepriceboardconsistedofbidpriceandaskpriceintradingofforeigncurrency,bidpriceisthepriceyousellyourbasecurrency(atthesametimebuyreversecurrency).Askpriceisthepriceyoubuybasecurrencyandsellreversecurrency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为。Businessfinancingisanactionofraisingmoneywhenfirmsextendbusinessanddevelopment.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要。Businessfinancingistomeettherequirementofstrategyadjustment,industryextending,andturnoverofcashandsoon..企业通过融资行为改变资本结构，使资金得以形成、集中、积累、组合，同时形成相应的产权关系和权利、责任、利益格局。Thecapitalstructureofthefirmwillbechangedthroughraisingmoney,thecapitalwillbeformedintheformofcentralization,accumulation,combination,andatthesametimerelativepropertyrightrelationsandpatternofbenefit,dutyandrightwillbeformed..内部融资的来源公司的自有资金，以及在生产经营过程中的资金积累部分，在公司内部通过计提折旧而形成现金，或通过留用利润等增加公司资本。Theresourceofinternalfinancingcomesfromcompany'sinternalfund,thepartoffundaccumulationofproducingandoperating,cashfromdepreciation,orcapitalfromremainingearning..债权性融资主要有向金融机构贷款和发行企业债券两种形式。Thetwomajorityformsaboutdebitfinancingarelendingmoneyfromfinancialinstitutesandissuingcompanybond..目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等。Presentlyfinancingmethodsusedbydomesticenterpriseswheninvestingareequityfinancinganddebitfinancing,etc.九.1.组合投资原则，即将风险资金按一定比例投向不同行业、不同企业（项目），或联合几个风险投资公司共同向一家企业投资。Theprincipleofportfolioinvestmentisthattheventurecapitalisinvestedintodifferentindustriesanddifferentprojects,ormakeacooperationwithotherinvestingcompaniestoinvestacompany..风险投资主体多元化原则，在美国，风险资金来源相当广泛，既有政府、财团法人的资金，也有来自大众游资、民间企业和海外的投资，还有养老保险基金的积极参与。Theprincipleofdiversificationofventurecapital,inAmerican,theresourceofventurecapitalisquitewidespread,itcomesfromgovernment,financialinstitutes,anditcancomefromprivates,privatefirmsandoverseainvestment,andpensionfundjointventurecapitaltoo..创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本。Ventureinvestmentisanequitycapitalwhichprofessionalinvestorsinvesttoanew,developingrapidlyandmorecompetitivefirm..随着社会经济的快速发展，如何投资、如何理财已经成为商业人士关注的焦点。Withsocietyeconomyhigh-speeddevelopment,howtoinvestandfinanceisthefocalpointwhichbusinessmenfocuson..创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求，以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venturecapitalislookingforlongtermcapitalreturn,thecharacteristicofdiversificationofinvestmentandprofessionalmanagementadaptscapitalrequirementsofhigh-newtechnicalindustry,specialinvestingmodelofventurecapital,contractmodelandframeoforganizationsolveproblemsofinformationasymmetryandincentiveandrestraintmechanismsflawinpartly..投资者可把目光聚焦到正在发售的银行保本基金上，这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄股的安全感，而且可以利用此次利率上升的机会创造更高的收益；同时，加息导致债券价格下跌，实际上提高了即将入市的银行保本基金的债券投资收益率。Investorsmayfocusonguaranteedfundissuedbybank,itisnewstyleoffinancingproductwhichiswelcomedintheinternationalmarket,itisnotonlyshowsthesafetylikebankdeposit,butalsomakehigherreturnwiththeinterestratearise,atthesametime,risinginterestrateswillleadtofallofthebondprice,andmakehigherreturnofguaranteedfundwhichwillbeissuedbybanks.十.1.债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理债券款交割的交易方式。Securitytradingisatradingmodelthatbothofsellerandbuyersignacontractwiththeconfirmedbondpriceandnumber,duringsettlementbothofsellerandbuyermakeadelivery..债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务。资金融入方(正回购方)在将债券卖给资金融出方(逆回购方)以融入资金的同时，双方约定在将来某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同品种债券的交易行为。Redeemofsecurityisashorttermfinancingbusinessthatbothofissuerandholderofbondtakesbondasrightpledge,whentheborroweroffund(positiveredeemer)sellsbondtolenderoffund(negativeredeemer)forfinancing,bothofthemsignacontractintherepositiveredeemerwillredeemthebondthatheissuedwithredeeminterestfromnegativeredeemerbeforematurityofbond.3.所谓可转换公司债券是指由公司发行的，投资者在一定时期内可选择一定条件转换成公司股票的公司债券，通常称作可转换债券或可转债。这种债券兼具债权和股权双重属性。Convertiblebondissecurityissuedbyfirmwhichinvestorshaveoptiontoconvertbondintofirm'sstockduringholdingperiod,theconvertiblebondconsistsoftwocharactersofbondandstock..证券交易必需受SEC及证券交易所自我约束机制的监管。SecuritytradingmustbemanagedbySECandself-regulatingmechanismofthestockexchange..场外交易市场不是一个正式的证券交易所，而是由经纪人和交易商组成的一个非正式的网络，他们通过这一网络协商证券的交易。Theover-the-countermarketisnotofficialsecurityexchangemarket,itisunofficialnetworkgroupedbydealersandbrokers,dealersandbrokersexchangesecuritiesthroughthenetwork..一级市场上的发行方式也分为两种，公募和私募。Theissuemodelofstockintheprimarymarketcanbeclassifiedinto:publicofferingandprivateoffering.十二.1.新股的发行价总是超过面值的，记录在公司帐上的这个差叫附加实缴资本，也叫资本公积。Thepriceatwhichnewsharesaresoldtoinverstorsalmostalwaysexceedsparvalue,thedifferenceisenteredthecompanysaccountsasadditionalpaid-incapital,orcapitalsurplus..尽管股票这个名字很大众化，但是，大部分人都不是充分了解它。Despitetheirpopularity,however,mostpeopledon'tfullyunderstandstocks..公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值。Themanagementofthecompanyissupposedtoincreasethevalueofthefirmforshareholders..有限责任是股票的一个十分重要的特征，这意味着公司在不能支付它的债务时股票持有者没有负债责任。Anextremelyimportantfeatureofstockisitslimitedliability,whichmeansthat,asanownerofastock,youarenotpersonallyliableifthecompanyisnotabletopayitsdebts..理解股票供求关系是容易的，但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的。Understandingsupplyanddemandiseasy,Whatisdifficulttocomprehendiswhatmakespeoplelikeaparticularstockanddislikeanotherstock..一些人人为预测股票价格变化是不可能的，而一些人认为通过画图和分析以前的价格变化就能决定买卖时间。Somebelievethatitisn'tpossibletopredicthowstockpriceswillchange,whileothersthinkthatbydrawingchartsandlookingatpastpricemovements,youcandeterminewhentobuyandsell.英译中：一.1.Acashbudgetisextremelyimportant,especiallyforsmallbusinesses,becauseitallowsacompanytodeterminehowmuchcredititcanextendtocustomersbeforeit?beginstohaveliquidityproblems.现金预算是十分重要的，特别是对小企业，这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难。Financialintermediariesincludedepositoryinstitutions(commercialbanksandcreditunion)whoacquiredthebulkoftheirfundsbyofferingtheirliabilitiestothepublicmostlyformofdeposit.金融中介机构包括：存款性机构(商业银行和信用合作社)主要通过存款的形式向公众借款，从而获得大部分资金。Acorporationisalegallydistinctfromitsowners,whoarecalledshareholdersorstockholders.公司在法律上独立于其所有者，即股东。Long-termfinancialplanningfocusonthefirm'sgoals,theinvestmentthatwillbeneededtomeetthosegoals,andthefinancingthatmustberaised.长期财务计划是关于企业的长期目标、为实现目标所需要的投资以及因此必须筹集的资金的计划。Businessesareclassifiedintononfinancialandfinancialbusinesses.Theseentitiesborrowfundsinthedebtmarketandraisefundsintheequitymarket.企业可被分成金融企业和非金融企业两类。这些企业在债务市场借款和在权益市场融资。Financeisthesetofactivitiesdealingwiththemanagementoffunds.Morespecifically,itisthedecisionofcollectionanduseoffunds.Itisabranchofeconomicsthatstudiesthemanagementofmoneyandotherassets.金融是涉及到一系列有关资金管理的活动。特别的，它是有关资金使用和筹集的决策。它是经济学的一个研究货币和其它资产管理的分枝。四.1.Therisk-basedcapitalrequirementsimposedoncommercialbankandsavingandloanassociations.对商业银行和存贷款协会实施以风险为基础的资本金要求。.Whoregulatescommercialbanksandthriftsandtypesofregulationsimposed.谁来监管商业银行与储蓄机构以及何种方式来进行。.Banksgenerateincomeinthreeways:(1))thebid-askspread;(2)capitalgainsonthesecuritiesorforeigncurrencyusedintransactions,and(3)inthecaseofsecurities,thespreadbetweeninterestincomeearnedbyholdingthesecurityandcostoffundingthepurchaseofsecurity.银行可以从三个方面产生收入：(1)买卖差价；(2)证券或外汇交易的资本利益；(3)证券的利息收入和购买证券资金成本之间的价格差异。.Severaltypesofdepositaccountsareavailable.Checkingaccountspaynointerestandcanbewithdrawnupondemand.存款帐户有好几种，支票帐户不支付利息可以随时提取。.Acertificateofdepositcantakeawidevarietyofformswhicharenegotiablewiththeissuingbank.定期存单可以采取多种多样的形式是可转让的发卡银行。.Banksthatraisemostoftheirfundsfromthedomesticandinternationalmoneymarkets,relyinglessondepositorsforfunds,arecalledmoneycenterbanks.货币中心银行是指较少依赖存款，并在国内或国外货币市场筹集资金的银行。六.1,Theforeignexchangemarketisaplacetotradeforeignexchangecurrency,oritisalsoaplaceforthetransactionofallforeigncurrency.外汇市场是交易外国货币或各国货币的场所..Aforeignexchangerateistherelativevaluebetweentwocurrencies.Inparticular,itisthequantityofonecurrencyrequiredtobuyorselloneunitoftheothercurrency.汇率是两种货币间的相对价值,特别是，它是买卖一个其它货币单位所代表的本币量值..WhereU.S.dollarsarenotusedtoexpressanexchangerate,theterm"crossrate"isusuallyusedtoexpresstherelativevaluesbetweentwocurrencies.在美元被用来表示汇率的地方，套汇汇率就被用来表示两种货币间的相对价值..Ifanonlinecurrencytraderwantstosurviveinthebusiness,hemustlearntolimithislosses.Thisisoneofthekeystosmartmoneymanagement.如果一个网络货币交易者要持续他的交易他必须学习限制损失，这是货币管理的关键百八、、.5.Itissafertogetintoacurrencypositioninmultiplelotsthantodoitallatonce.在多个地点持有外汇头寸比同时持有多个头寸安全.6.TheForexmarketitselfconsistsofaworldwidenetworkofprimarilyinterbanktradersconnectedbytelephonelinesandcomputers.FXtradersconstantlynegotiatepricesbetweenoneanotherandtheresultingmarketbid/askpriceforaparticularcurrencyisthenfedintocomputersanddisplayedonofficialquotescreens.外汇市场本身含有提供给银行交易者通过电话线和计算机连接的全球范围的网络，外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.七.1.Ifyouhavetoomuchdebt,yourbusinessmaybeconsideredoverextendedandriskyandanunsafeinvestment.如果你的企业负债比重过高，投资者则会认为企业是扩张过度，对投资者来说是不安全和高风险的。.Debtfinancingisattractivebecauseyoudonothavetosacrificeanyownershipinterestsinyourbusiness,interestontheloanisdeductible,andthefinancingcostisarelativelyfixedexpense.债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益，借款利息可在收益中扣减，财务成本是相对固定费用..Acorporationisaseparatelegalentitythatcanbecreatedonlybycompliancewithstatestatutes.公司是一个其所有权与经营权相分离的经济实体（即法人组织），公司的成立要遵守洲法..Thepartnersraiseequityfundsthroughtheirowncapitalcontributions,byaddinganewpartner,orbyrestructuringtherelativeownershipinterestsoftheexistingpartnerstoreflectnewcontributions.合伙人企业可通过出让合伙人自己的资本份额，或增加合伙人的方式来增加企业资本，或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本..Equityfinancingrequiresthatyousellanownershipinterestinthebusinessinexchangeforcapital.权益融资需要企业所有者出让企业的所有权利益来换取资本..Themajordisadvantagetoequityfinancingisthedilutionofyourownershipinterestsandthepossiblelossofcontrolthatmayaccompanyasharingofownershipwithadditionalinvestors.权益融资的主要缺点是稀释了所有者的利益，随着其他投资者所占权益份额的扩大企业控制权也可能失去.九.1.Abullmarketiswheneverythingintheeconomyisgreat,peoplearefindingjobs,GDPsgrowing,andstocksarerising.Thingsarejustplainrosy!Pickingstocksduringabullmarketiseasierbecauseeverythingisgoingup.牛市意味着经济发展强劲，工作岗位多,GDP增长，股票价格上升.前景变得光明.在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.2.Bullmarketscannotlastforeverthough,andsometimestheycanleadtodangeroussituationsifstocksbecomeovervalued.牛市不可能永远持续，如果股票价格被高估则牛市就将导致崩盘.3.Ifapersonisoptimistic,believingthatstockswillgoup,heorsheiscalleda"bull"andsaidtohavea"bullishoutlook."如果一个人乐观的认为股票价格将上升，他或她被称做“多头”和有一个行情看涨的形象.ninvestmentsitiscriticaltodistinguishbetweenanexpectedreturn(theanticipatedreturnforsomefutureperiod)andarealizedreturn(theactualreturnoversomepastperiod).Investorsinvestforthefuture—forthereturntheyexpecttoearn—butwhentheinvestingperiodisover,theyareleftwiththeirrealizedreturns.投资学对期望收益(预测的将来某时间段的收益)和已实现收益(过去某时段的实际收到的收益)有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后，他们只得到实际的收益..Whatinvestorsactuallyearnfromtheirholdingsmayturnouttobemoreorlessthanwhattheyexpectedtoearnwhentheyinitiatedtheinvestment.Thispointistheessenceoftheinvestmentsprocess:investorsmustalwaysconsidertheriskinvolvedininvesting.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是：投资者在投资时必须牢记风险的成在..Therearethreeimportantfactorsyouneedtoconsiderbeforebuyingabond.Thefirstisthepersonissuingthebond.Thesecondistheinterest(orcoupon)youwillreceive.Thethirdisthematuritydate,thedaywhentheborrowermustpaybacktheprincipaltothelender.在投资债券前你要考虑三个重要因素：第一是债券发行人；第二是你将得到的利息(或折扣)；第三是到期时间，在到期日债券发行人必须将本金退给债券持有人.十.1.Thehigherrateofreturnthebondoffers,themoreriskytheinvestment.Therehavebeeninstancesofcompaniesfailingtopaybackthebond(default),so,toenticeinvestors,mostcorporatebondswillofferahigherreturnthanagovernmentbond.债券收益率越高投资风险越大，已有公司不能在到期日偿还债券本金(违约)的先例，所以，为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.tisimportantforinvestorstoresearchabondjustastheywouldastockormutualfund.Thebondratingwillhelpindecipheringthedefaultrisk.象研究股票和共同基金样研究债券对投资者来说是必要的，辨别债券等级将有助于识别违约风险..Accruedinterest?isaddedtothecontractpriceofabondtransaction.应计利息要加到债券交易合同价格中..CapitalGain.Anincreaseinthevalueofacapitalasset(investmentorrealestate)thatgivesitahigherworththanthepu